“In view of the prolonged challenging market conditions”, Singapore-listed Thai Beverage (ThaiBev) announced today
It is already the third attempt for an IPO that has been shelved in the last three years.
In 2019, the company considered an IPO of its beer unit on Singapore Exchange (SGX) (inside.beer, 29.11.2019) and hoped to raise USD 800 million to USD1 billion for about 20% of the company. However, when the COVID-19 pandemic struck the world in early 2020, ThaiBev stepped back again. Early in 2021, ThaiBev revived its plans (inside.beer, 15.1.2021) but shelved them again in April because of “uncertain market conditions and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries.” (inside beer, 17.4.2021). In May this year, ThaiBev announced the third attempt to go public with its beer unit (inside.beer, 5.5.2022), which has now also been withdrawn.
However, the company also said, it “will continue to monitor market conditions, evaluate and explore opportunities to maximize shareholders’ value,
to defer the proposed spin-off of its beer business (BeerCo). including, where appropriate, reviewing the proposed spin-off listing at an appropriate time.”
“ThaiBev remains confident that BeerCo as one of the leading players in Southeast Asia and its growth potential offer a distinct and compelling growth story,” the announcement ends.